沥青早报-20250818

Report Overview - Report title: "Asphalt Report" [2] - Research team: Research Center's Energy and Chemicals Team [3] - Report date: August 18, 2025 [3] Core Data Summary Futures Contracts - Prices: The prices of various BU contracts (BU主力合约, BU06, BU09, BU12, BU03) decreased from July 17 to August 15. For example, the BU主力合约 dropped from 3628 to 3461, a decrease of 167 points [4]. - Volume and Open Interest: Both trading volume and open interest declined. Volume decreased from 255,138 on July 17 to 214,163 on August 15, and open interest dropped from 474,048 to 436,319 [4]. - Inventory: Futures inventory decreased from 42,950 on July 17 to 31,640 on August 15 [4]. Spot Market - Prices: Spot prices in different regions showed varying trends. For instance, the low - end price in the Shandong market decreased from 3570 to 3520, while the low - end price in the North China market increased from 3660 to 3680 [4]. - Price Spreads: The price spreads between regions and contracts also changed. For example, the Shandong - East China spread varied from - 100 to - 80, and the 06 - 09 spread changed from - 244 to - 179 [4]. Margins and Spreads - Margins: The asphalt Brent spread and asphalt Marrow profit showed significant fluctuations. The asphalt Marrow profit decreased from - 15 to - 53 from August 7 to August 15 [4]. - Profits: The comprehensive profit of ordinary refineries fluctuated between 452 and 532, while the import profit (South Korea - East China) decreased from - 154 to - 239 [4]. Related Prices - Crude Oil and Refined Products: Brent crude oil prices fluctuated between 65.6 and 68.5, and the prices of gasoline and diesel in the Shandong market also changed slightly [4].